LendingClub (NYSE: LC) and Pagaya (NASDAQ: PGY) have announced the purchase of the assets of Tally Technologies.
Tally, a Fintech that sought to support consumers in managing their credit card debt, shut down operations last August. The former CEO said at the time that they were unable to raise new growth capital. At one point, Tally was valued at over $850 million.
Tally also offered an embedded, white-label business-to-business credit card debt management platform.
The terms of the acquisition by the two firms were not revealed. An affiliate of Sherwood Partners, Inc. facilitated the asset purchase.
Digital bank LendingClub said they would benefit from Tally’s credit management solution. Pagaya said the B2B credit management solution created by Tally would boost its product offering for its more than 30 lending partners.
LendingClub said the transaction would accelerate its member engagement platform to drive growth.
LendingClub CEO Scott Sanborn noted that some of Tally’s former employees have joined the LendingClub team to accelerate their growth strategy.
Pagaya said it will focus on enhancing its white-label B2B solutions, incorporating the Tally product as a value-added offering for its network of lending partners.
